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Acquisitions is primarily used to post additional acquisition transactions for existing items. It is located under the Transactions menu. It may be necessary to post transactions for existing items in instances such as the following:
- an item has been improved, adding to the value of the original cost
- to record historical acquisition information (there may be items on the inventory that do not have an acquisition record)
- to record a lease payment or other periodic payment
- to correct an error from a prior fiscal year
The information entered and stored on the acquisition records is primarily the purchase order information about the item. Acquisition transactions are created automatically when adding a new item via Transactions>Items. They may also be posted directly in Acquisitions for items already recorded on inventory. Posting an acquisition transaction for a new item is optional if the GAAP flag is unchecked. However, it is recommended to always post an acquisition for each item added to the inventory. If the GAAP flag is checked, an acquisition transaction must be posted. This is necessary in tracking the acquisition dollar amounts reported on the Schedule of Change in Fixed Assets report.
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If on GAAP, the acquisition amount and the adjustment flag can be modified if the acquisition was posted during the current fiscal year.
Regardless of whether or not the GAAP flag is checked, the fund, function, and asset class cannot be modified in acquisitions. The type, date, and update flag can not be modified either. If the GAAP flag is checked, the acquisition amount and error correction flag can be modified if the acquisition is in an open period.
- Query for the desired acquisition.
- Click on the edit icon
- Make desired changes
- Click on
to post the changes to the system. Click on Close to close the window and return to the grid without saving changes.
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